Mortgage Interest as an Allowable Expense on letting Holiday Home

T

timmythedog

Guest
My apologies of this has been covered elsewhere. In submitting a 2008 tax return for the letting of a cottage as a holiday home - is mortgage interest paid an allowable expense?
And secondly - has there been a change in the most recent budget.

Many Thanks for any info.
 
Yes it is allowable for 2008

From buget only 75% will be deductible for future years.
 
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